FBAR (FinCEN Form 114) โ Foreign Bank Account Report
๐ก FBAR (FinCEN Form 114) โ Foreign Bank Account Report :-
If you are a U.S. person and your total foreign bank/financial accounts exceed $10,000 at any time during the year, you must file an FBAR.
๐ Easy-to-understand points:
*Applies to all U.S. citizens, residents, and entities (LLCs, Corps, Trusts).
*Includes bank, brokerage, mutual funds, pension, insurance accounts outside the U.S.
*File online with FinCEN (not IRS).
*Deadline: April 15 (automatic extension to Oct 15).
*Report the highest balance (converted to USD).
*Non-filing = heavy penalties (even if no tax is due).
โ
Example:
National Bank (Pakistan): $5,000
ICICI Bank (India): $5,001
๐ Total = $10,001 โ FBAR filing required.
๐ Remember: FBAR is an information report, not a tax. The goal is transparency of offshore accounts.
